Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lossing Corporation applies manufacturing overhead to products on the basis of standard machine-hours. Budgeted and actual overhead costs for the most recent month appear below:

image text in transcribed

Lossing Corporation applies manufacturing overhead to products on the basis of standard machine-hours. Budgeted and actual overhead costs for the most recent month appear below: Original Budget Actual Costs Variable overhead costs: Supplies Indirect labor $ 7,000 10,640 $ 7,190 9,99e Fixed overhead costs Supervision Utilities Factory depreciation 14,810 14,100 66,970 $107,520 14,418 14,15e 61,320 $107,06e Total overhead cost The company based its original budget on 8,400 machine-hours. The company actually worked 8,360 machine-hours during the month. The standard hours alowed for the actual output of the month totaled 8,290 machine-hours. What was the overall fixed manufacturing overhead volume variance for the month? (Round your intermediate calculations to 2 decimal places.) Multiple Choice $1,081 favorable $1,177 unfavorable $1,081 unfavorable $1,177 favorable

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And EDP Objective Questions And Explanations

Authors: Irvin N Gleim, William A. Hillison

4th Edition

0917537432, 978-0917537431

More Books

Students also viewed these Accounting questions